
*Use "RFS_20210060_PseudoData_BidAskSpread" for Table 4 Panel B 
*Use "RFS_20210060_PseudoData_FinBERT" for Table 8 and Table IA9
*Use "RFS_20210060_PseudoData_Audio" for Table 9 
*Use "RFS_20210060_PseudoData" for other tables


*Table 1 Summary Statistics
keep machine_downloads other_downloads total_downloads pct_machine_downloads mr lm_harvard lm_negative harvardiv_negative lm_litigious lm_uncertainty lm_weakmodal lm_strongmodal ai_ownership ai_talent_supply
outreg2 using sum.xls, replace sum(detail) keep(machine_downloads other_downloads total_downloads pct_machine_downloads mr lm_harvard lm_negative harvardiv_negative lm_litigious lm_uncertainty lm_weakmodal lm_strongmodal ai_ownership ai_talent_supply) eqkeep( mean p50 sd p25 p75 N)
shellout using `"sum.xls"'


*Table 3 Panel A Machine Readability 

global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment

reghdfe mr machine_downloads other_downloads, a(year sic3) vce(cluster gvkey)
outreg2 using Table3A_MachineReadability.xls, replace ctitle(Machine Readability) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr machine_downloads other_downloads, a(year gvkey) vce(cluster gvkey)
outreg2 using Table3A_MachineReadability.xls, append ctitle(Machine Readability) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr machine_downloads other_downloads $control, a(year sic3) vce(cluster gvkey)
outreg2 using Table3A_MachineReadability.xls, append ctitle(Machine Readability) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table3A_MachineReadability.xls, append ctitle(Machine Readability) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr_upgrade delta_machine_downloads other_downloads $control, a(year sic3) vce(cluster gvkey)
outreg2 using Table3A_MachineReadability.xls, append ctitle(MR Upgrade) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr_upgrade delta_machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table3A_MachineReadability.xls, append ctitle(MR Upgrade) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons

    
*Table 3 Panel B Components of Machine Readability 
global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment

reghdfe table_extraction machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table3B_Component.xls, replace ctitle(Table Extraction) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe number_extraction machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table3B_Component.xls, append ctitle(Number Extraction) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe table_format machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table3B_Component.xls, append ctitle(Table Format) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe self_containedness machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table3B_Component.xls, append ctitle(Self-Containedness) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe standard_characters machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table3B_Component.xls, append ctitle(Standard Characters) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons


*Table 3 Panel C Alternative machine-readership measures 
global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment

reghdfe mr ai_ownership $control, a(year sic3) vce(cluster gvkey)
outreg2 using Table3C_AI.xls, replace ctitle(Machine Readability) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr ai_ownership $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table3C_AI.xls, append ctitle(Machine Readability) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr ai_talent_supply $control, a(year sic3) vce(cluster gvkey)
outreg2 using Table3C_AI.xls, append ctitle(Machine Readability) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr ai_talent_supply $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table3C_AI.xls, append ctitle(Machine Readability) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons

*Table 4 Panel A Time to the first trade 
global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment
 
reghdfe timt_to_first_trade machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table4A_TimeToTrade.xls, replace ctitle(Time to First Trade) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe timt_to_first_trade c.machine_downloads##c.mr other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table4A_TimeToTrade.xls, append ctitle(Time to First Trade) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe timt_to_first_directional_trade machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table4A_TimeToTrade.xls, append ctitle(Time to First Directional Trade) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe timt_to_first_directional_trade c.machine_downloads##c.mr other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table4A_TimeToTrade.xls, append ctitle(Time to First Directional Trade) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons

*Table 4 Panel B Effects of machine readership: bid-ask spread 

egen filing=group(gvkey fdate form)
gen after=.
replace after=0 if minute<0
replace after=1 if minute>0

egen high_turnover=xtile(turnover), by(year) nq(2)

reghdfe spread c.machine_downloads##after, a(filing minute) vce(cluster filing)
outreg2 using Table4B_Spread.xls, replace ctitle(Bid-Ask Spread) addtext(Firm FE, Subsumed, Filing FE, Yes, Minute FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe spread c.machine_downloads##after c.mr##after, a(filing minute) vce(cluster filing)
outreg2 using Table4B_Spread.xls, append ctitle(Bid-Ask Spread) addtext(Firm FE, Subsumed, Filing FE, Yes, Minute FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe spread c.machine_downloads##after c.mr##after if high_turnover==1, a(filing minute) vce(cluster filing)
outreg2 using Table4B_Spread.xls, append ctitle(Bid-Ask Spread) addtext(Firm FE, Subsumed, Filing FE, Yes, Minute FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe spread c.machine_downloads##after c.mr##after if high_turnover==2, a(filing minute) vce(cluster filing)
outreg2 using Table4B_Spread.xls, append ctitle(Bid-Ask Spread) addtext(Firm FE, Subsumed, Filing FE, Yes, Minute FE, Yes) tstat dec(3) tdec(2) nocons


*Table 5 Machine Downloads and Sentiment: Loughran and McDonald (2011) Publication 
gen post=.
replace post=0 if year<2011
replace post=1 if year>2011
gen machine_downloads_post=machine_downloads*post

global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment

reghdfe lm_harvard machine_downloads_post machine_downloads other_downloads $control, a(year sic3) vce(cluster gvkey)
outreg2 using Table5_LM.xls, replace ctitle(LM-Harvard) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_harvard machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table5_LM.xls, append ctitle(LM-Harvard) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons

reghdfe lm_negative machine_downloads_post machine_downloads other_downloads $control, a(year sic3) vce(cluster gvkey)
outreg2 using Table5_LM.xls, append ctitle(LM) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_negative machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table5_LM.xls, append ctitle(LM) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons

reghdfe harvardiv_negative machine_downloads_post machine_downloads other_downloads $control, a(year sic3) vce(cluster gvkey)
outreg2 using Table5_LM.xls, append ctitle(Harvard) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe harvardiv_negative machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table5_LM.xls, append ctitle(Harvard) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons

*Table 6 Machine Downloads and Other Tones: Loughran and McDonald (2011) Publication 
gen post=.
replace post=0 if year<2011
replace post=1 if year>2011
gen machine_downloads_post=machine_downloads*post

global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment

reghdfe lm_litigious machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table6_Tones.xls, replace ctitle(Litigious) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_uncertainty machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table6_Tones.xls, append ctitle(Uncertainty) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_weakmodal machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table6_Tones.xls, append ctitle(Weak Modal) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_strongmodal machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table6_Tones.xls, append ctitle(Strong Modal) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons

*Table 7 Machine Readability and Sentiment: Cross-Sectional Effects in Terms of Costs and Benefits               
gen post=.
replace post=0 if year<2011
replace post=1 if year>2011
gen machine_downloads_post=machine_downloads*post

global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment

reghdfe mr machine_downloads other_downloads $control if external_financing_needs==4, a(year gvkey) vce(cluster gvkey)
outreg2 using Table7_BenefitsCosts.xls, replace ctitle(Machine Readability) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr machine_downloads other_downloads $control if external_financing_needs<4&external_financing_needs!=., a(year gvkey) vce(cluster gvkey)
outreg2 using Table7_BenefitsCosts.xls, append ctitle(Machine Readability) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_harvard machine_downloads_post machine_downloads other_downloads $control if external_financing_needs==4, a(year gvkey) vce(cluster gvkey)
outreg2 using Table7_BenefitsCosts.xls, append ctitle(LM-Harvard) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_harvard machine_downloads_post machine_downloads other_downloads $control if external_financing_needs<4&external_financing_needs!=., a(year gvkey) vce(cluster gvkey)
outreg2 using Table7_BenefitsCosts.xls, append ctitle(LM-Harvard) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons

reghdfe lm_harvard machine_downloads_post machine_downloads other_downloads $control if litigation_risk==4&litigation_risk!=., a(year gvkey) vce(cluster gvkey)
outreg2 using Table7_BenefitsCosts.xls, append ctitle(LM-Harvard) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_harvard machine_downloads_post machine_downloads other_downloads $control if litigation_risk<4&litigation_risk!=., a(year gvkey) vce(cluster gvkey)
outreg2 using Table7_BenefitsCosts.xls, append ctitle(LM-Harvard) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons

*Table 8 Managing Sentiment in Response to Recent Technology (BERT) 
gen bert_sentiment1=100*(neg_i7/num_sent_i7)
gen bert_sentiment2=100*(neg_i7/total_words_i7)
gen post_bert=.
replace post_bert=0 if year<2018
replace post_bert=1 if year>2018

global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment

reghdfe bert_sentiment1 c.ai_ownership##post_bert $control, a(gvkey year) vce(cluster gvkey)
outreg2 using Table8_FinBERT.xls, replace ctitle(NegSent/TotalSent) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe bert_sentiment1 c.ai_talent_supply##post_bert $control, a(gvkey year) vce(cluster gvkey)
outreg2 using Table8_FinBERT.xls, append ctitle(NegSent/TotalSent) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons

reghdfe bert_sentiment2 c.ai_ownership##post_bert $control, a(gvkey year) vce(cluster gvkey)
outreg2 using Table8_FinBERT.xls, append ctitle(NegSent/TotalWords) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe bert_sentiment2 c.ai_talent_supply##post_bert $control, a(gvkey year) vce(cluster gvkey)
outreg2 using Table8_FinBERT.xls, append ctitle(NegSent/TotalWords) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons

*Table 9 Machine Downloads and Managers’ Emotion during Conference Calls 
global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment

reghdfe valence machine_downloads other_downloads, a(year gvkey) vce(cluster gvkey)
outreg2 using Table9_Audio.xls, replace ctitle(Emotion_Valence) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe valence machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table9_Audio.xls, append ctitle(Emotion_Valence) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe valence machine_downloads other_downloads $control earnings_surprise, a(year gvkey) vce(cluster gvkey)
outreg2 using Table9_Audio.xls, append ctitle(Emotion_Valence) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons

reghdfe arousal machine_downloads other_downloads, a(year gvkey) vce(cluster gvkey)
outreg2 using Table9_Audio.xls, append ctitle(Emotion_Arousal) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe arousal machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using Table9_Audio.xls, append ctitle(Emotion_Arousal) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe arousal machine_downloads other_downloads $control earnings_surprise, a(year gvkey) vce(cluster gvkey)
outreg2 using Table9_Audio.xls, append ctitle(Emotion_Arousal) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons


*Internet Appendix 
*Table IA.1 Sensitivity Check: Alternative Definition 
pca table_extraction number_extraction table_format self_containedness standard_characters
predict pca_mr


global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment

reghdfe pca_mr machine_downloads other_downloads $control, a(year sic3) vce(cluster gvkey)
outreg2 using TableIA1_AltDefinitions.xls, replace ctitle(PCA Machine Readability) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe pca_mr machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA1_AltDefinitions.xls, append ctitle(PCA Machine Readability) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr pct_machine_downloads total_downloads $control, a(year sic3) vce(cluster gvkey)
outreg2 using TableIA1_AltDefinitions.xls, append ctitle(Machine Readability) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr pct_machine_downloads total_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA1_AltDefinitions.xls, append ctitle(Machine Readability) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr machine_downloads_alt other_downloads_alt $control, a(year sic3) vce(cluster gvkey)
outreg2 using TableIA1_AltDefinitions.xls, append ctitle(Machine Readability) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr machine_downloads_alt other_downloads_alt $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA1_AltDefinitions.xls, append ctitle(Machine Readability) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons

*Table IA.2 Sensitivity Check: Lagged Machine Downloads
gen post=.
replace post=0 if year<2011
replace post=1 if year>2011
gen lag_machine_downloads_post=lag_machine_downloads*post

global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment

reghdfe mr lag_machine_downloads lag_other_downloads $control, a(year sic3) vce(cluster gvkey)
outreg2 using TableIA2_LagMD.xls, replace ctitle(Machine Readability) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr lag_machine_downloads lag_other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA2_LagMD.xls, append ctitle(Machine Readability) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_harvard lag_machine_downloads_post lag_machine_downloads lag_other_downloads $control, a(year sic3) vce(cluster gvkey)
outreg2 using TableIA2_LagMD.xls, append ctitle(LM-Harvard) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_harvard lag_machine_downloads_post lag_machine_downloads lag_other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA2_LagMD.xls, append ctitle(LM-Harvard) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons


*Table IA.3 Determinants of Machine Downloads 
global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment

reghdfe machine_downloads $control, a(year) vce(cluster gvkey)
outreg2 using TableIA3_Determinants.xls, replace ctitle(Machine Download) addtext(Firm FE, No, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe machine_downloads $control, a(year sic3) vce(cluster gvkey)
outreg2 using TableIA3_Determinants.xls, append ctitle(Machine Download) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe machine_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA3_Determinants.xls, append ctitle(Machine Download) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe machine_downloads $control ai_hf, a(year sic3) vce(cluster gvkey)
outreg2 using TableIA3_Determinants.xls, append ctitle(Machine Download) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe machine_downloads $control ai_hf, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA3_Determinants.xls, append ctitle(Machine Download) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons

*Table IA.4 Sensitivity Check: Standard Errors 
gen post=.
replace post=0 if year<2011
replace post=1 if year>2011
gen machine_downloads_post=machine_downloads*post

global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment

*Panel A
egen ind_time=group(sic3 year)

reghdfe mr machine_downloads other_downloads $control, a(year sic3) vce(cluster ind_time)
outreg2 using TableIA4A_StandardErrors_IndYear.xls, replace ctitle(Machine Readability) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr machine_downloads other_downloads $control, a(year gvkey) vce(cluster ind_time)
outreg2 using TableIA4A_StandardErrors_IndYear.xls, append ctitle(Machine Readability) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_harvard machine_downloads_post machine_downloads other_downloads $control, a(year sic3) vce(cluster ind_time)
outreg2 using TableIA4A_StandardErrors_IndYear.xls, append ctitle(LM-Harvard) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_harvard machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) vce(cluster ind_time)
outreg2 using TableIA4A_StandardErrors_IndYear.xls, append ctitle(LM-Harvard) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons

*Panel B
gen qtr=quarter(fdate)
egen yq=group(year qtr)

reghdfe mr machine_downloads other_downloads $control, a(year sic3) vce(cluster gvkey yq)
outreg2 using TableIA4B_StandardErrors_QTR.xls, replace ctitle(Machine Readability) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey yq)
outreg2 using TableIA4B_StandardErrors_QTR.xls, append ctitle(Machine Readability) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_harvard machine_downloads_post machine_downloads other_downloads $control, a(year sic3) vce(cluster gvkey yq)
outreg2 using TableIA4B_StandardErrors_QTR.xls, append ctitle(LM-Harvard) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_harvard machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey yq)
outreg2 using TableIA4B_StandardErrors_QTR.xls, append ctitle(LM-Harvard) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons

*Panel C
egen firm_form=group(gvkey form)
tsset firm_form fdate

ivreghdfe mr machine_downloads other_downloads $control, a(year sic3) dkraay(4)
outreg2 using TableIA4C_StandardErrors_DriscollKraay.xls, replace ctitle(Machine Readability) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
ivreghdfe mr machine_downloads other_downloads $control, a(year gvkey) dkraay(4)
outreg2 using TableIA4C_StandardErrors_DriscollKraay.xls, append ctitle(Machine Readability) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons

ivreghdfe lm_harvard machine_downloads_post machine_downloads other_downloads $control, a(year sic3) dkraay(4)
outreg2 using TableIA4C_StandardErrors_DriscollKraay.xls, append ctitle(LM-Harvard) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
ivreghdfe lm_harvard machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) dkraay(4)
outreg2 using TableIA4C_StandardErrors_DriscollKraay.xls, append ctitle(LM-Harvard) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons


*Panel D 

reghdfe timt_to_first_trade machine_downloads other_downloads $control, a(year gvkey) vce(cluster ind_time)
outreg2 using TableIA4D_StandardErrors_TimeToTrade.xls, replace ctitle(Time to First Trade) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe timt_to_first_trade c.machine_downloads##c.mr other_downloads $control, a(year gvkey) vce(cluster ind_time)
outreg2 using TableIA4D_StandardErrors_TimeToTrade.xls, append ctitle(Time to First Trade) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe timt_to_first_directional_trade machine_downloads other_downloads $control, a(year gvkey) vce(cluster ind_time)
outreg2 using TableIA4D_StandardErrors_TimeToTrade.xls, append ctitle(Time to First Directional Trade) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe timt_to_first_directional_trade c.machine_downloads##c.mr other_downloads $control, a(year gvkey) vce(cluster ind_time)
outreg2 using TableIA4D_StandardErrors_TimeToTrade.xls, append ctitle(Time to First Directional Trade) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons


*Table IA5 Linguistic Complexity and Technical Obfuscation 
gen complexwords= complexwordcount/wordcount
global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment

reghdfe mr_upgrade filesize $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA5_Complexity.xls, replace ctitle(Machine Download) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr_upgrade complexwords $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA5_Complexity.xls, append ctitle(Machine Download) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons

*Table IA.6 Effects of Machine Downloads: Time to Directional Quote Change 
global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment

reghdfe timt_to_first_directional_quote machine_downloads other_downloads $control, a(year sic3) vce(cluster gvkey)
outreg2 using TableIA6_TimeToQuote.xls, replace ctitle(Time to First Trade) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe timt_to_first_directional_quote machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA6_TimeToQuote.xls, append ctitle(Time to First Trade) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe timt_to_first_directional_quote c.machine_downloads##c.mr other_downloads $control, a(year sic3) vce(cluster gvkey)
outreg2 using TableIA6_TimeToQuote.xls, append ctitle(Time to First Directional Trade) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe timt_to_first_directional_quote c.machine_downloads##c.mr other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA6_TimeToQuote.xls, append ctitle(Time to First Directional Trade) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons


*Table IA.7 Sensitivity Check: Negative Events around 2011 
gen post=.
replace post=0 if year<2011
replace post=1 if year>2011
gen machine_downloads_post=machine_downloads*post

global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment competition altman ml_pred_litigation paststockreturn


reghdfe forced machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA7_NegativeEvents.xls, replace ctitle(Forced CEO Turnover) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe bankruptcy machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA7_NegativeEvents.xls, append ctitle(Bankruptcy) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe restate machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA7_NegativeEvents.xls, append ctitle(Restatement) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe loss_ebit machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA7_NegativeEvents.xls, append ctitle(Loss_EBIT) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe defaults machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA7_NegativeEvents.xls, append ctitle(Default Bonds) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons


*Table IA.8 Sensitivity Check: Controlling Negative Events 
gen post=.
replace post=0 if year<2011
replace post=1 if year>2011
gen machine_downloads_post=machine_downloads*post

global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment competition altman ml_pred_litigation paststockreturn lag_forced lag_bankruptcy lag_restate lag_loss_ebit lag_defaults


reghdfe mr machine_downloads other_downloads $control, a(year sic3) vce(cluster gvkey)
outreg2 using TableIA8_ControlNegativeEvents.xls, replace ctitle(Machine Readability) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe mr machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA8_ControlNegativeEvents.xls, append ctitle(Machine Readability) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_harvard machine_downloads_post machine_downloads other_downloads $control, a(year sic3) vce(cluster gvkey)
outreg2 using TableIA8_ControlNegativeEvents.xls, append ctitle(LM-Harvard) addtext(Firm FE, No, Industry FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe lm_harvard machine_downloads_post machine_downloads other_downloads $control, a(year gvkey) vce(cluster gvkey)
outreg2 using TableIA8_ControlNegativeEvents.xls, append ctitle(LM-Harvard) addtext(Firm FE, Yes, Industry FE, No, Year FE, Yes) tstat dec(3) tdec(2) nocons


*Table IA9 Sensitivity Check: Managing Sentiment in Response to BERT 
gen bert_sentiment3=100*(neg/num_sent)
gen bert_sentiment4=100*(neg/total_words)
gen post_bert=.
replace post_bert=0 if year<2018
replace post_bert=1 if year>2018

global control size tobin_q roa leverage growth ind_adj_ret instownership analyst idiovol turnover segment

reghdfe bert_sentiment3 c.ai_ownership##post_bert $control, a(gvkey year) vce(cluster gvkey)
outreg2 using TableIA9_FinBERT_Robust.xls, replace ctitle(NegSent/TotalSent) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe bert_sentiment3 c.ai_talent_supply##post_bert $control, a(gvkey year) vce(cluster gvkey)
outreg2 using TableIA9_FinBERT_Robust.xls, append ctitle(NegSent/TotalSent) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons

reghdfe bert_sentiment4 c.ai_ownership##post_bert $control, a(gvkey year) vce(cluster gvkey)
outreg2 using TableIA9_FinBERT_Robust.xls, append ctitle(NegSent/TotalWords) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons
reghdfe bert_sentiment4 c.ai_talent_supply##post_bert $control, a(gvkey year) vce(cluster gvkey)
outreg2 using TableIA9_FinBERT_Robust.xls, append ctitle(NegSent/TotalWords) addtext(Firm FE, Yes, Year FE, Yes) tstat dec(3) tdec(2) nocons